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Today’s Summary
Friday, March 25th, 2022
Indices: S&P 500 +0.51% | Dow +0.44% | Russell 2000 +0.12% | Nasdaq 100 -0.08%
Sectors: 9 of the 11 sectors closed higher. Energy led, gaining +2.19%. Consumer Discretionary lagged, inching lower by -0.17%.
Commodities: Crude Oil futures gained +1.39% to $113.90 per barrel. Gold futures fell -0.41% to $1,954 per ounce.
Currencies: The US Dollar Index inched higher by +0.04%.
Crypto: Bitcoin rose +0.67% to $44,320. Ethereum inched lower by -0.27% to $3,104.
Interest Rates: The US 10-year Treasury yield continued higher to 2.479% – its highest in nearly three years.
Here are the best charts, articles, and ideas being shared on the web today!
Chart of the Day
Today’s Chart of the Day was shared by Frank Cappelleri of Instinet (@FrankCappelleri). It’s a daily bar chart of Bitcoin over the past six months. Frank points out that Bitcoin is approaching an important level around $45k. Price has failed at this level three times already in 2022 – will the fourth time be the charm? Bitcoin lives and dies by momentum, and luckily for the bulls, momentum (RSI) just reclaimed that crucial 60 level. Frank notes, “This clearly is an important resistance zone, with a potential breakout targeting the 56-57k range.” Keep an eye on how this test plays out over the weekend!
Quote of the Day
“Often a sign of expertise is noticing what doesn’t happen.”
– Malcolm Gladwell
Top Links
Where’s the Strength At? – The Chart Report
Steve Strazza and I discuss some of this week’s action in Stocks, Bonds, and Crypto.
5 Energy Stocks Reached ATHs – Bespoke
Bespoke checks in on the Energy sector.
The New Growth Stocks – All Star Charts
The team at All Star Charts takes a look at the breakout in Steel and Copper stocks.
Opportunity in Cyber Stocks | 5 Charts – LPL Financial Research
The team at LPL Financial Research highlights five charts to keep an eye on in the near term.
The Renewed Rise in Bitcoin – StockCharts.com
David Keller examines the outlook for Bitcoin.
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Top Tweets
Weekly $SPX update: just enough of a lift this week to keep hopes alive of avoiding a further drawdown. 10wk EMA bounces nicely up from 40wk. pic.twitter.com/rO56AexmyS
— Michael Turvey (@MikeTurvey_TDA) March 25, 2022
Smart money has been buying the dip.
In January, commercial hedgers held more than $125 billion of S&P 500 futures net short.
Over the past week, they flipped that to a $25 billion net long position.
That's quite an about-face. pic.twitter.com/i29PRLhNUw
— SentimenTrader (@sentimentrader) March 25, 2022
Seasonality continues to predict $SPX's turn points with eerie precision: Late Feb low, early March bottoming process, mid-March lift off. What's next? If it continues: After some late March chop, April is a trend month & most bullish of the year, green 80% of the last 20 years pic.twitter.com/NpVbsDlEKJ
— Adam Mancini (@AdamMancini4) March 25, 2022
Is $NDX leadership intact? pic.twitter.com/kkO0b7AEKa
— Mark Ungewitter (@mark_ungewitter) March 25, 2022
After a short counter trend rally $IWM: $SPY rolled back over, possibly resuming its downtrend of underperformance it began March 2021. We will have to see if it undercuts its recent low. pic.twitter.com/zIEG5HgqTS
— Bailey.Baxter2020 (@BBaxter2020) March 25, 2022
$XLU making a new high today – Utilities are the 2nd best sector on a YTD basis (after only Energy) in an environment when 10-year T-Note yield has risen from 1.5% to 2.5%. pic.twitter.com/GyBBwhJOZI
— Willie Delwiche, CMT, CFA (@WillieDelwiche) March 25, 2022
Well well well…
1 or 2?$TLT pic.twitter.com/BkTndckaxB
— Arun S. Chopra CFA CMT? (@FusionptCapital) March 25, 2022
$BTC $BTCUSD #Bitcoin – Important test of resistance zone underway. pic.twitter.com/8GQDlk611O
— Rob Moreno (@rightviewrob) March 25, 2022
The 50 dma has been pretty much a perfect trend filter for Solana. Hasn't turned up yet, but does history repeat itself here? pic.twitter.com/ty5m4JQVva
— David Rath (@DJwrath) March 25, 2022
Gold / Energy ……… pic.twitter.com/raSU1o6bAJ
— Nautilus Research (@NautilusCap) March 25, 2022
How it started. How it’s going. pic.twitter.com/HsCK2DmDJn
— Javier Blas (@JavierBlas) March 25, 2022
You’re all caught up now. Thanks for reading!